A report from the Commerce Department, released on Wednesday, indicated that wholesale inventories in the U.S. increased in May, aligning with economist expectations.
The data revealed that wholesale inventories rose by 0.6 percent in May, following a revised 0.2 percent increase in April. This met the forecasted growth of 0.6 percent, compared to the initially reported 0.1 percent rise for the previous month.
Breaking it down, the report detailed a 0.6 percent increase in durable goods inventories and a 0.7 percent growth in non-durable goods inventories.
Additionally, wholesale sales experienced a 0.4 percent rise in May, after a modest 0.2 percent uptick in April. Sales for both durable and non-durable goods grew by 0.4 percent.
Despite the concurrent increases in inventories and sales, the ratio of inventories to sales for merchant wholesalers remained steady at 1.35, unchanged from the prior month.
